Accepted to FNP program, an $80,000 student loan worth it? I need advice!

jadelpn, LPN, EMT-B · Mar 30, 2016

I would never, ever take out loans of that size especially with a new baby and other obligations.

You could continue to work as a nurse, perhaps somewhere that has a good tuition reimbursement program, take some classes towards a master's degree. And wait until your child is older and in school before you start looking to advance.

Kids get sick, things come up, life can get expensive. With a $900 a month student loan bill, a house payment, daycare payment and the rest of bills, we could be talking upwards of you needing to bring home a salary that covers all of this. And that may or may not happen dependent on if NP's are widely used in your area, and what the job market looks like.

Best wishes!

AspiringNurseMW · Mar 30, 2016

Hello all! I got accepted into Georgetown's FNP program for the fall. The cost for the entire program is about $88,000!!!! I am planning on working part time (24 hours per wrateek) and will also have a new 5 month old by then. We have no family nearby so my only choice is daycare. It's going to be such a sacrifice>>>I know. I will need to take out student loans in order to pay for school and daycare. I have gotten accepted into another program (one cheaper) but I won't be able to start until Fall 2017. By then I would be more than half way done with this program. Plus...the cheaper program would not help with finding clinical sites (I already know two people who are in the program who had to drop 'cuz they did not find a site that semester and did not have support from faculty). Georgetown on the other hand, I was told has 95-98% success in placing their students.
I guess my question is...what would you do? Would you take out over $80,000 in student loans for the FNP program? Or would you just forget the whole thing all together. I'm also worried about being able to pay back all these loans. I know about loan repayments through the HRSA BUT I don't want to fully rely on this (anything can happen!). I feel like I could miss out on this opportunity...but I don't want to take out this much debt withouth being able to pay for it in the end.
I need some advice!!!
Thanks.

I would be waiting until Fall 2017

* cost

* baby is older by the time you start

* you have TIME, over a year, to network and find preceptor (s).

* you have time to save up for living expenses so you can minimize the amount of loans while in school.

nutella, MSN, RN · Mar 30, 2016

Hello all! I got accepted into Georgetown's FNP program for the fall. The cost for the entire program is about $88,000!!!! I am planning on working part time (24 hours per wrateek) and will also have a new 5 month old by then. We have no family nearby so my only choice is daycare. It's going to be such a sacrifice>>>I know. I will need to take out student loans in order to pay for school and daycare. I have gotten accepted into another program (one cheaper) but I won't be able to start until Fall 2017. By then I would be more than half way done with this program. Plus...the cheaper program would not help with finding clinical sites (I already know two people who are in the program who had to drop 'cuz they did not find a site that semester and did not have support from faculty). Georgetown on the other hand, I was told has 95-98% success in placing their students.
I guess my question is...what would you do? Would you take out over $80,000 in student loans for the FNP program? Or would you just forget the whole thing all together. I'm also worried about being able to pay back all these loans. I know about loan repayments through the HRSA BUT I don't want to fully rely on this (anything can happen!). I feel like I could miss out on this opportunity...but I don't want to take out this much debt withouth being able to pay for it in the end.
I need some advice!!!
Thanks.

To be honest - you will have a lot to adjust with a baby.

I think waiting would be a better option because you will have time to settle in and see how things are.

In addition, this is a huge loan - you will have other costs with a baby as well (besides daycare).

llg, PhD, RN · Mar 30, 2016

I would try plan C or plan D. In other words, I would not choose either of the options you suggest. I would not do the online program because of the reasons you gave. I would find a better way to fund the education. Perhaps just take a few classes on a part time basis while you work to earn the money to support yourself and your child. Look for a job with tuition reimbursement to pay for most of the part time classes. If part time is not allowed at Georgetown, then go somewhere else ... or just work a little extra and save up some money for a few years -- money that you can use for school when you are in a better position to go.

But I would not go that deeply into debt for an FNP.

KatieMI, BSN, MSN, RN · Mar 30, 2016

No way, period.

First, Master's programs are intense. You need to count for AT LEAST 40 to 50 hours/week for studying only if you are full-time, and probably more. There is no human way to do it well with 5-months old, no support and 24 hours/week working. You'll need someone taking care of your baby most of the time to do that, and cut your working hours to minimum.

Second, if program tells you that they have 95% success in placement, they 1) can lie; 2) do not imply any degree of guarantee of you not joining these 5%. They either guarantee placement, or they do not and openly tell you that you are on your own. The latter way, at least they honestly say so.

Third, be realistic about loans. Yes, novice NP can get low 6-numbers salary in SOME places and with a big chunk of luck. But MOST jobs available as entry -level positions are paying less. $70000 - 90000/ year may look like good after basic bedside salary of relatively new RN (about $60000/year, not counting Manhattan and Bay Area), but it will leave just enough for peanuts and generic diapers for baby after $9000/month loan check.

And, fouth, yeah. Babies are FREAKING expensive objects to keep and enjoy. Even if things are going all right.

There are reputable, solid online and brick-and-mortar programs which cost less than $40000. It makes sense to go there instead of throwing your not-yet-earned money out of the window.

allnurses Guide · Mar 30, 2016

Find a cheaper school. That is an absurd amount of money.

PNW~NP · Mar 30, 2016

I am a current Georgetown FNP student and I can attest to the fact that their program is very rigorous, but also a very good program.

Georgetown does prepare you well, and they do find you clinical placement. Of course there is always the chance that a clinical placement could fall through or be more difficult to find depending on your location so they obviously can't give you 100% guarantee. It is always wise to network with NPs in your area just in case.

You are correct though, there is a lot of sacrifice that goes along with grad school and it will take some serious thought as to whether this is the right time for you to go back. My children are both in school now and I still don't have much time to spend with them. I study 60plus hours a week and work only 1 day/wk. I also have family close by that help out when I need it. You should also know that Georgetown's classes are live, so even in the part time program you are required to attend 2 live classes per week and they are each 2 hours long. You have to be well prepared for class as you are expected to participate and sometimes make presentations. Personally, I think this program is worth the cost, but I also live in an area that pays new NPs very well.

There are a lot of factors to consider beyond just the cost.

It's a hard decision, but know that grad school isn't going anywhere, it will be there whenever you decide is the right time to go back :)

Aik0 · Mar 30, 2016

Thanks everone for your insight. RN2bnp...where do you live and what is the starting salary for NPs? $80,000 is a lot! And with no support its near impossible! What do ou thinkwould be a fair amount for loans for a fnp?

Aik0 · Mar 30, 2016

Rn2bnp...is there any way i can maybe get the book list from you for first sem? Maybe i can get a head start reading and itll really help! Thanks.

PNW~NP · Mar 30, 2016

I live on the West Coast and the starting salary is often between 95 and 105k and sometimes higher.

My situation is a little different though. I currently work in a specialty (as an RN) and have a good chance of being hired with my current employer so pay will likely be on the higher end with opportunity for some tuition reimbursement.

As far as what I think a good loan amount for FNP school is ....well that is going to be different for each individual. I agree that 80k is ridiculous, but the amount your willing to spend will just depend on whether or not you're the main source of household income, where you live and the need for NPs in your area, your goal for how fast you plan to pay back your loans, scholarships, employer contribution/repayment etc.

I chose Georgetown because I live almost 2 hours away from the nearest brick and mortar program and I didn't want to spend 4 hours, 3 or more days per week just driving to and from class not including clinical. I also knew I wanted a school that helped find preceptors. I decided to choose a program with a well known and well respected name so that the quality of my program wouldn't come into question. I also wanted a rigorous program that will prepare me well for clinical practice. (Btw, I'm not saying that there are not other well respected online programs, I'm just saying Georgetown is the one I chose to go with).

It's a huge decision, and it took me a while to finally decide what was best for my family. I made sure I knew every detail I could about the program before starting. Georgetown isn't lying when they tell you it's 8 hours of study time per credit hour. It really is and this doesn't include time spent in class.

Oh and the first semester courses are patho and advanced reseach (in the part time program). The Patho course opens 4 weeks early because of the volume of work it involves so you should have plenty of time to work ahead. I personally did not do all the reading as the asynchronous lectures are where most of the test questions come from. I only really read when I needed clarification. (The patho professor who does the asynch lectures is really good). The patho book is Pathophysiology: The Biologic Basis for Disease in Adults and Children by McCance.

Best of luck with your decision!

sailornurse · Mar 31, 2016

OP what state are you in? I paid $9,800 for my MSN/FNP.